Will bankruptcy affect my employment?

Bankruptcy / Guide

This will vary from position to position and from one employer to another.

It can stop you doing certain jobs, such being a financial advisor or company director. Check your contract or speak to your HR department or employer before you start your bankruptcy to see if your role, or future opportunities, will be affected.

There is the possibility that it will still have an impact after you’ve been discharged, as some employers may ask you whether you’ve been made bankrupt on an application form.

What is the Insolvency Register?

The Insolvency Register is a publicly available register that contains details about individual insolvencies - such as bankruptcies, Debt Relief Orders and Individual Voluntary Arrangements. If you enter bankruptcy, the register will show details such as your name, occupation, date of birth and details of your bankruptcy. Your information will remain on the register until three months after you are discharged.

How does bankruptcy affect getting a bank account?

As many banks run a credit check on anyone applying for a current account, you may find it difficult to obtain one after you've been made bankrupt. There are a few options when it comes to accounts for bankrupts, including basic bank accounts, which you can find out more about here.

I’m due some money, will I have to pay it towards my bankruptcy?

If you receive a windfall, including inheritance or a lottery win, between the date of your bankruptcy and being discharged, in the majority of cases you will have to pay this to the Official Receiver for distribution amongst your lenders.

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